On Sunday, the Iraqi Ministry of Oil announced that they had signed an agreement with a joint Iraqi-Chinese project to develop an oil field in Basra Governorate with a capacity of 200,000 barrels per day. The ministry stated that they signed a principles agreement with the consortium of the Chinese company Geo-Jade and the Iraqi Crescent Basra company to invest in the integrated Tuba field development project for crude oil production.
Hayan Abdul Ghani, the Iraqi Oil Minister, mentioned that Chinese companies were awarded five more investments to explore oil and gas fields in Iraq during the licensing round. This marked the second day of the round aimed at developing the oil and gas sector in the country. Despite the participation of various companies, including European, Arab, and Iraqi groups, Chinese companies have been particularly successful in securing investments in this licensing round.
The licensing round includes a total of 29 projects and primarily focuses on increasing production for local consumption. More than 20 companies qualified for the licensing round, which aims to boost economic growth by developing Iraq’s vast natural resources.
